The Importance of Domain Expertise in Leveraging Data for Business Growth
The advent of advanced models like BERT and GPT-n series has been perceived as a turning point in the tech world. However, for enterprises, finding the right technology partner holds more significance than the technology itself. Nowadays, customers evaluate and integrate multiple technologies to facilitate expansion. Choosing the right enabler that can provide domain expertise for specific use cases is crucial to building a complete ecosystem that can scale.
Data challenges persist in various industries. However, leveraging data can lead to better decision-making, customer benefit, and increased competitiveness. For example, Godrej Agrovet, an Indian conglomerate, has been accumulating data for fourteen years now, and they are exploring the implementation of AI/ML technologies for exceptional reporting. Their planning solutions are being enhanced with image-based processing for their oil palm plantation business, and a pilot project to predict which customers are likely to default on payments has been conducted. The results have been incredible, with up to 70% prediction rate achieved, leading to better decision-making.
BoAt, on the other hand, is still in its early stages of using data for business growth. However, they concentrate on identifying customer needs to aid the New Product Introduction (NPI) process. Despite having limited historical data, they are using big data challenges to analyze significant amounts of text for customer needs.
The role of tech enablers is significant in the effective utilization of data. Many respondents claim that technology needs to understand its workflow and what it wants to accomplish. Big players such as SAP, Microsoft Dynamics, and Oracle Fusion dominate the ERP solutions market. BoAt chose SAP as its technology enabler due to their competitive feature functionality gap between them and competitors, strong partner ecosystem, and attractive RISE program.
In conclusion, businesses need to find the right technology partners with domain expertise to scale their operations. Leveraging data can lead to better decision-making, customer benefit, and increased competitiveness. Choosing a technology enabler with a clear workflow comprehension and efficient feature functionality is crucial.
Editor Notes:
It’s thrilling to see the vast potential of data and how businesses are creatively leveraging it to scale their operations. Choosing the right technology enabler holds more significance than the technology itself, and that should be the forefront of every enterprise’s operations. For more insightful articles like this, check out GPT News Room.
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